Complete Guide to Bank Swift Code Information

Swift codesare unique alphanumeric codes assigned by almost every banks for the purpose of monetarytransactionorwire transfer Worldwide. A Swift code is a standard format of Bank Identifier Codes(BIC). The literal meaning of the terms BIC and Swift code is same. SWIFT stands for Worldwide Interbank Financial Telecommunication where as BIC stands for Bank Identification Code.The main purpose of BIC code is to facilitate the secure, reliable and accurate exchange of messages concerning financial transaction between banks and other financial institutions electronically.

If we look over structure of the swift code, it consist of 8 or 11 characters. They are different for each bank in order to differentiate it from others.Another aspect is that the 11 digit BIC codes identifies your country, city, bank and branch. This isn’t always the case if you are given only an eight digit code that means the code is for main branch and all your transaction will process through their headquarters or parent bank in that case use “XXX” as last three characters. Then bank will use your account number to get funds to you.

Over 10,000 financial institution, including banks, securities institutions and corporate customers in 212 countries use SWIFT. This is a non-profit Belgian Cooperative with various centers around the world connected by data transmission lines.It was founded in Brussels 1973 and, it’s headquarter is located in La Hulpe, Belgium.